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Jul 21, 2011 6:00pm PDT
for the greek prime minister are euro bonds. the european union could issue them to greece at lower borrowing rates. one of the backers is the chief -- >> the options considered on not worlds apart. >> the bonds could mean a higher burden for germany, something that berlin is not keen to consider. >> for more on what the leaders have agreed on has been filtering out. stephen castle told us what he had been hearing. >> there are drafts of a statement circulating here and we are getting quite close to some kind of deal. they actually don't have very many figures in them. we don't know the details. the broad outline is clear. there will be a second bailout for greece. there will be a lot of help for the greeks dealing with the burden of debt. the private sector will be involved. we are not expecting to get all of the details on how the private sector will be involved but it is clear that that will be a central part of the bailout. one other had lied, the bailout fund is set now to get more power. -- one other headline. that is what is on the table at the moment. >> that was stephen castle in bru
Jul 21, 2011 7:00am EDT
? >> and now, "bbc world news." >> the future of the euro zone at stake, leaders need for an emergency summit to tackle the debt crisis. the main challenge is how to stop the debt disease from spreading to the bigger economies of the region. hello and welcome. also, famine declared in parts of somalia, how will the united nations reads the politically unstable country? >> its place in history and the space shuttle pulls into port for the last time. it's voyaged at an end. >> atlantis makes its final descent to earth, ending nasa's 30-year shuttle program. , 7:00 a.m. in london and florida, 1:00 p.m. in brussels where in the militancy of summits of euro zone leaders is under way. they're trying to find solutions to a debt crisis which has snowballed across greece, ireland, and portugal. the challenge is preventing the prices from pitting spain and italy, which could reach critical levels. chris morris reports. >> for the past year, whenever european leaders have met, there has been one issue at the top of the agenda again and again. trying to fix the euro. the survival of the single currency h
Jul 19, 2011 6:00pm PDT
scandal and took about 6 billion euros off of the value of news corp. since july 5. despite speculation about whether murdoch will be able to stay on as ceo, he made it clear that he fully intends to remain in charge. we asked about investor reaction. >> chase carey is a possible replacement is there is a replacement in the wake of this scandal. "the wall street journal" would perhaps no better than anybody else because the paper is also one of the properties of news corp. and the murdochs. we find it hard to imagine that the murdochs can remain after the allegations, finding what truth there is in the end, what responsibility, but they find it hard to believe that with a scandal like this that people who were at the operating helm can withstand this. the company itself, dimension house what the stock has dropped, it is not clear -- you mentioned how far the stock has dropped. it can be even more drastic when it comes to punishing people who have done wrong in a criminal sort of way perhaps. it is too early to tell. it is also clear that a share of the murder of a group, they have about
Jul 3, 2011 11:00am EDT
to this week in defense news i'm vago muradian. frances deso and the euro fighter are finalists in the fighter competition. the two ceos of the two companies will tell us why they will win the multi million contract. >>> but first, frustrated that the administration has not come up with their budget plan, a congress obsessed with debt reduction is making defense cuts of their own. in 2012 the senate wants to cut 6 billion, the house wants to cut 8.9 million. here to join us is kate branan and marcus wiseburger. guys thanks for joins us. >> thank you. >> kate let's start with you. why is the congress says and what is it doing in the future. >> first the congress has passed a budget for 2012. that meets the president's requirements. that heads chairman buck mckeon. he's have been -- he's very opposed to cuts in defense. and then on the senate side, the authorization bill was passed a couple of weeks ago. that cut $6 billion and when that was introduced by senator carl resin he expressed frustration that the house had not given further guidance on what to cut. so they said we'll cut an extra 2
Jul 18, 2011 6:00pm PDT
the practice where drivers could sell their licenses for tens of thousands of euros. the greek government has brought in a full list of controversial reforms and austerity measures under pressure from the european union and the international monetary fund to deregulate the economy and cut the country's massive budget deficit. the market turmoil being caused by the debt crisis in europe and the united states has prompted investors to seek safe havens for their money. in addition to precious metals like gold and silver, stable currencies are becoming increasingly popular, and that has said the swiss franc soaring to record highs. but there are two sides to every coin, as they say, and the rising value of the franc is weighing on the earnings of many swiss companies. >> swiss companies like the global food giant nestle's face a major problem. and their profits are declining when the sales abroad are calculated in francs. this was currency continues to climb. since the beginning of this year, it has gained 8% against the euro, and compared to one year ago, it is up 20%. the franc is at a record h
Jul 22, 2011 6:00pm PDT
, in the rescue of the euro a historical task. >> everything we do will come back in multiple ways. this is good for us and it is part of the economic success. >> for now, the taxpayer will have to shoulder a 109 billion euro burden. private investors including banks and pension funds will be involved in the bailout contributing nearly 50 billion euros. >> angela merkel stressed she would not let europe become a union in which wealth was transferred from rich to poor states. that does not mean that she lacks passion for europe. >> if i had as much passion for everything as i have for europe, my days with last 48 hours. >> she began to some of right at the weekend. >> european leaders have agreed to strengthen the financial rescue funds to help indebted nations. they also agreed to a second bailout package for greece at an emergency meeting in brussels. the new head of the imf has described these as came changing decisions by the 17 leaders. the compromise reached at the summit in brussels has been welcomed by the greek people. >> a new plan for greece and a life-saving deal that saved greece and
Jul 22, 2011 1:00am PDT
this hour. containing the debt crisis and saving the euro. those are the long-term goal of a second debt-moving palg package for greece approved on thursday by the euro teen leaders. it also lowers interest rates and extends payback times for existing loans. of course we'll have much more coming up on "world business today" in just a moment. >>> a building on fire. the person who videotaped the scenes says the bodies of women and children are inside. they say armed thugs and syrian tanks are randomly shooting and wrecking property. at least ten people were killed on thursday as security forces attempted to crush protests. >> two "news of the world" executives are disputing rue put murdock's testimony. they say murdoch misled the committee last week when he said he was not i ware that the hacking went beyond an e-mail. >>> the steamy heat that's been roasting the midwest, u.s., is now heading to the east coast. some 60 temperature records were shattered on saturday. they blame the heat for at least two deaths. in minneapolis the marquis reads we have air conditioning. who cares what's pla
Jul 14, 2011 6:00pm PDT
-- its 85 billion euro bailout. ireland had been making good progress and there is no target unmet. the downplayed moody's decision to downplay irish debt. >> it is worth pointing out that rating agencies have got it wrong on the upside during boom times by underestimating the risks. it is entirely possible that are getting it wrong on the downside by overestimating the risks. >> dublin was granted the bailout when its banking and fiscal crisis threaten to destabilize the europe. if the current program is to stay on track, dublin will have to cut at least 3.6 billion euros from next year's budget. italy is also trying to fight its massive debt. >> sweeping austerity measures have won the initial approval of parliament as part of urgent moves to reduce their huge debt. senators approved the 47 billion euro for your package by a comfortable margin. the lower house is expected to pass it on monday. the high debt burden has raised concerns italy could be the next eurozone nations to need an emergency bailout. our roving correspondent has been following that debate in the senate for us.
Jul 18, 2011 6:30pm PDT
. it plans to raise 14 billion euros in tax over the next 5 years, but this is likely to depress the economy even further. it has also announced even more unpopular spending cuts... >>it's gone through a period of what's called reform fatigue. the average, individual greek has lived through the pain of the initial austerity measures, is then told that there must be further reformand more austerity. >>reporter: the austerity measures already imposed on greece have seen its economy stagger and it has a herculean task ahead. debt is set to hit 157 percent of gdp by the end of this year. >>even if they brought the deficit down to zero, even if they no longer have to borrow any money, they would still have to carry those 160 percent. now make a simple arithmetic... give an example; let's say they get money reasonably cheap at 10 percent...which government in the world can pay 16 percent of gdp just to service the debt? >>reporter: and what government in the world would buy that debt. ratings agencies, already assuminggreece will default, have seriously downgraded the country. standard & poors has
Jul 21, 2011 7:00pm PDT
. >> the decision was made in an emergency summit of the 17-member nations of the euro group on thursday in brussells. according to the statement released after the meeting, leaders agreed on a new rescue package worth 109 billion euros or about $155 billion in total. commercial banks and other creditors will bear a voluntary burden worth about 37 billion euros or about $53 billion. one of the options is to roll over current holdings of greek bonds to one with longer repayment periods. >>> some nations were reluctant to ask for priefr at sector involvement as this would be interpreted as a default by credit rating agencies but the move was deemed unavoidable. >>> as expectations mounted for a decision by euro's own leaders, overnight in the markets a rebound was seen in the government bonds of euro's own nationes with massive debts. positive sentiment lifted the european bond market. buying was seen on not only greek but italian an spanish bonds. rescuing greece put an end to the losing streak on the bond market. excessi excessive pessimism assisted somewhat. investors say uncertainties
Jul 17, 2011 9:00pm EDT
are increasingly concerned about the problems in the euro zone. will the prime minister reassure me that he is doing everything he can to keep us out of bed and to urge the euro zone to act? -- keep us out of it and to urge the euros and to act? >> it would take away the flexibility that we currently have. 40% of our exports go to euro zone countries. we should make suggestions and all in the private sector to make greece's debt burden more sustainable. euro zone countries have to recognize that they have to do more to gather and faster, they have to get ahead of the market rather than responding to the next crisis. >> thank you, mr. speaker. he warned number attend the last year of the terrible damage that it would suffer if andy coulson was appointed. >> the decision to employ a tabloid editor of meant that there were a number of people who said this was not a good idea. particular when that ataturk had been at the -- particularly when back editor had been at "news of the world" when bad things were happening. if i was lied to, that would be a matter of the regrets. we must make sure that
Jul 12, 2011 4:00am EDT
on to the currency markets not surprisingly we're seeing continuing pressure on the euro, the dollar being bought very much as the safe haven currency so 1.3850 and the euro is lower than that in the past few hours so we're looking possibly at the euro maybe even breaking down below 1.3800, that's being talked about in the currency markets, equally weakness there for the pound as people buy the dollar, 1.5810 and again, the yen at 79.84, with i think again a flight to a safe currency, safe haven currency very much the theme for the yen and that's uncomfortable for japanese exporters and i imagine that's putting pressure on the nikkei, pauline. >> yes, charles, let's look at the markets across asia, they fell sharply today but not quite as sharply as what we've just seen in europe, on renewed fears sovereign debt problems in europe could spread to greece and beyond. >> the arrows were all down, a sea of red across asia. the nikkei closed down about 1.4%, mitsubishi and mizuho fell between 1.5 and 2%. bank of japan, 0.2% to 0.4%, from the quake in tsunami that devastated the country in march. hang
Jul 12, 2011 4:00pm PDT
drove shares lower. that is all happening against the backdrop of the meeting of euro zone finance ministers to discuss a second bailout of greece. >> europe's debt crisis spread dangerously far today to the third and biggest economy in the bureau's own. the interest rates and charges to borrow money have been rising. spain also faced similar pressure. two huge economies being rattled by the greek debt crisis. they gathered, not to officially discuss in italy. there used to be an assumption that this bank a country uses a euro, when lending to that country is safe. they are worried that they might not care about all of the money that they lent to greece. they might be rethinking the way they lend to countries that are heavily in debt. >> sorting of greece is crucial. finance minister say that they have now agreed to work quickly on a second bailout for greece. they said that they would increase the size of the rescue mission -- rescue mechanism currently in place. >> we have made significant progress yesterday. i am certain that shortly we will be able to present the concrete propo
Jun 30, 2011 6:00pm PDT
leading to a total of 70,000 euros. athens should be able to receive more aid from the european union as well as the interernatial monetary fund. >> the bill was passed by a narrow margin. 155 of 300 lawmakersrs voted for the lot this -- for the legislation. the package of legislation is needed to allow the austerity measasures approved to be implemented. the parliament debated the legislation for hours before the vote which was the final legislative hurdle for greececeo receive the installment of bailout funds. the austerity package is controversial among ordinary greeks. they have faced one round of spending cuts. reaction to this package is mixed. >> you had priorities and decide what cuts would be the most useful. you can see that as you go along. >> i have not cut back on anything. that is where we are heading. we will have to make do with half a kiloo of beef. >> athens was clearing up the debris from m the overnight protests against the government's belt-tightening. the vote means that greece can continue clearing up their problems with funds from the eu. >> as recommended, ger
Jul 7, 2011 6:00pm PDT
not thrilled, but investors like the moves, boosting the euro this thursday. the ecb has raised interest rates. they have raised their benchmark level rate by 25 basis points, 1.5%, signaling that battling inflation remains a top priority. the ecb also weighed in on the debate raging over ratings agencies, that will continue to accept portuguese that as collateral despite the decision by moody's earlier this week to lower their debt rating to junk status. >> praise for portugal from jean-claude trichet. it will privatize more state assets than stipulated by the e.u. and imf and will raise taxes. those are reasons why the european central bank is bending its own rules and will continue to lend to portugal despite its junk debt rating. >> we have decided to suspend the minimum collateral requirements for the purpose of assistance and credit operations. in the case of marketable debt instruments by the portuguese government, this extension will be maintained until further notice. >> the eurozone debt crisis cannot stop ecb from raising its key interest rates. benchmark rates go up to 1.5%. but du
Jul 12, 2011 7:00pm PDT
european countries such as italy and spain. moves to sell the euro and buy the yen helped to push the dollar down to a level last seen after the march 11th disaster in eastern japan. the greenback was being traded at 78.49 yen at one time. earlier in london, the dollar dipped below the 80 yen level. the dollar is currently being traded at 79.45-50 yen, whereas the euro is currently fetching 111.22-24 yen. yen buying further intensified in new york after moody's downgraded ireland sovereign debt tuesday, rated below investment grade following greece and portugal. major u.s. credit rating agency moody's downgraded irish government a notch from baa3 to ba1. the debt strapped country received a bailout package from eurozone nation. after that expires moody's said ireland will likely require additional financial aid to stay afloat. the agency added if further support becomes necessary, private investors may be asked to share the burden. >>> now let's take a look at tokyo stocks. in new york overnight the dow was lower for a third straight day as eurozone debt problems continue to worry
Jul 14, 2011 5:00am EDT
bets on a 40 billion euro cut package and the markets give their verdict. hours after the death of the afghan president's half brother, four people are killed as they attend his memorial service. welcome to bbc world news. also coming up on the program. in mumbai, the death toll rises to 18. just who did carry out india's worst militant attack since 2008? big dreams from a tiny island. one of the world's smallest countries hoping for olympic success. hello. it could be another landmark moment in the phone-hacking scandal. we should know very seen whether the media tycoon rupert murdoch has agreed to be questioned by members of british parliament. his son, james, and rebecca brooks have also been invited to appear before the hearing. we can go live to westminster. it feels like we're on the deadline hour for learning whether rupert murdoch is going to say yea or nay to appearing. i don't suppose many are expecting him to say oh, go on then. >> i don't think so. for one thing, the parliamentary committees do not have the same powers as congressional committees and certainly they c
Jul 5, 2011 9:00am EDT
sarkozy is proposing a 20 billion euro investment plan to promote research, innovation, science and technology in france. the french president it was up for reelection next year also announced a deal with french banks to give greece more timeb to pay off its debts. his comments now from paris. it's about an hour and 20 minutes. [speaking in french] >> translator: let me thank those who bothered to get up. thank you. and for those who didn't bother, well, that's all right. mr. prime minister, ladies and gentlemen, ministers, on june 22, 2009 in front of the congress in versailles, i was announcing that france was about to launch a large borrowing in order to finance investments for the future which it needed in order to guarantee future growth. we were facing the worst economic crisis the world had ever known for a century, and the response to this crisis was for all the governments of the world but it was not enough to prevent the collapse of our banks, collapse of our economies. it was even more urgent for the future and to give us the means to hold our rank in the world is go
Jul 12, 2011 6:00pm PDT
days of losses. the whole euros own is jittery. the leaders are talking about holding a crisis meeting to fight the contagion. -- the whole eurozone is jittery. >> this is one of the top rating institutions in europe. they ended the day up almost 6%. the european traders were panicking that the debt crisis might be spreading to italy. many put the blame on the politicians. >> there has been a discussion going on for days now and the eu itself is to blame by expressing concern about italy. that was an open invitation to the speculators. >> what annoys analysts is the lack of consistency from brussels. one day they categorically rule out any debt default. the next day, it is back on the agenda. >> what we need is a clear and final signal to creditors that there will not be any default on debt. that is the only way we will be able to get on top of the problems we have increased and the dangers of other countries being infected as well. >> instead, the politicians say they're not ruling out a selective defaults. the european council president visiting madrid on tuesday would only say that
Jul 18, 2011 7:00pm PDT
and asian markets and uncertainties with the debt ceiling in the u.s. and ongoing concerns about euro zone debt continue to dampen market sentiment. we did see the dow closing lower and key asian indexes lower on monday, as well. the nikkei playing catch up here as markets were closed yesterday for a public holiday. and having broken above 10,000, just a couple of weeks ago, it is consistently pushed below that level for the last four trading sessions in a row so we're going 0 see how the nikkei fares today. the currency markets have reflected euro zone issues and u.s. debt concerns with the dollar and the euro weaker against the yen. having a look at the currency levels right now, the dollar-yen trading around the 79 yen levels and actually traded around the 78 yen levels in stock trading hours yesterday. and around the 111 level for the euro to the yen. european banks stress test results on friday i should say also add a little bit of concern to the banking sector and their ability to handle any future debt defaults and weighed somewhat on the euro. apart from the focus on u.s. debt ceil
Jul 15, 2011 4:00am EDT
the fourth euro nation if it were to do so to request one from the imf, the eu and also the ecb. this was the scene just yesterday as lawmakers approved a four year, $57 billion austerity plan. the lower house is expected to adopt some of these measures later on today. and newspapers have been having quite a field day with this situation. let me show you the front page of one of the newspapers owned by the prime minister berlusconi. they're on the bow of the titanic as that fated ship sinks. this is in reference to a comment made yesterday saying the situation of the country finds itself in at the moment is akin to the sinking of the titanic and not everyone the first class passengers are safe. >> you can always count on him for a very colorful sound bite. and another metaphor, the iceberg is all that debt under the surface. meanwhile time is running out to raise the u.s. debt ceiling. lawmakers are still at odds. another warning about a possible downgrade of u.s. debt. this time from standard and poors, has raised the stakes even higher with no compromise on either side, the u.
Jul 12, 2011 6:00pm PDT
the criminals to get to this secret information the euro zone spec third largest economy. >> more concerns about the security situation in afghanistan as the president's half-brother is killed. salt of the earth, wide demand -- white it is leading the u.s. back underground. >> it is 9:00 in singapore. >> the pressure on news international has intensified with fresh criticism from the court in brown -- gordon brown bread he claimed that the sunday times newspaper page criminals to obtain his financial and medical records. on wednesday, ministers will discuss whether to call on s.ant this report does contain some flash photography. >> here is gordon with rupert murdoch's daughter. for years, they stayed close together, but no more. the smiles of fell away. they accuse them of using criminals to investigate his private life. >> i have my bank accounts, my lawyers files, someone was getting information from my lawyers. my tax returns went missing at one point, medical records have been broken into. i do not know how this happened. but i do know one thing. there is absolute proof that news internatio
Jul 18, 2011 2:00pm PDT
year, it is about 1 billion euros of investment in the car infrastructure. 22% public transport, 750 billion investment in public transport. 21% of the trips from home to work is by bicycle. only 30 million euros per year. this is the network in the region for bicycling. this is the inner city of amsterdam. it is important know, what are the benefits for the employer? i already told you that. also, in the netherlands, we're not so good with racing cyclists. all the champions from last year are from italy, spain, or your country, never from the netherlands. but cycling is more than racing, it is a way of transport. especially for the first 7 kilometers, in combination with public transport. the last lines are important. for instance, in at the city of amsterdam, 85% of the trips are faster by bike then by car -- then by car. i do everything by bicycle. i am a slow cyclist, and i am still faster through the city. that is why most of the people in amsterdam go by bike. if your interested in funny and nice invidious, go to youtube. but you will see a lot of videos in which the bicycle an
Jul 18, 2011 7:00am EDT
to save greece and the euro, can a single currency solve the differences in time for thursday's summit? a sticky problem in northern france. trying to clear tons of toxic c. wade that has accumulated once again on the beaches of italy. the problem is caused by organizers -- caused by washing ashore. keith has the story. >> every year it builds up in the water and washes onto the land. tons of it. this summer it is worse than ever. a hot spring after the rain providing ideal conditions. today workers have alarms to tell them if they have released the gas. they have one minute to leave this part of the beach. to the local people that depend heavily on tourism, it is a disaster. wants to visit a beach looking like this? >> it was not tackled in the right way. >> the mayor says they are doing what they can to get the place clean. >> they say that they should trust. >> they have new machines before they hit the beach. but they have had mixed success. in any case, everyone knows that the real problem is on land. without changes to farming methods, beaches face regular visits of the green fla
Jul 29, 2011 6:00pm PDT
. continental has raised its full- year sales forecast after profits doubled, 700 million euros and for six months. long-term prospects are good because the german government wants to see 1 million electric cars on the road by 2020. the traditional car companies are turning to companies like continental, which are up to speed on electric vehicles. >> here at the and the northern german town, the pilot engines are coming off the production line. but in just a few weeks, mass production is set to begin. at 60,000 electric engines will be produced. the time when continental was purely a tire company is long gone. now the firm makes everything from electronic components to hybrid engines. >> for years, we have been researching the electric cars. we think we can play a leading role in the parts supplier market. >> weighing in at 65 kilos, the continental electric engine it is considerably lighter than a comparable combusted engine and packs of 290 horsepower. the engine operates on the principle that a magnetic field causes a rotary blade it to spin. unlike its rivals, the company uses purely el
Jul 22, 2011 4:00am PDT
. >> let's hop plane to the west coast. all right, bill, thank you so much. >>> well, a big euro debt deal, a new owner for chrysler, and a royal dash through duty-free. your early morning business headlines are straight ahead. >>> plus, captain america's mission was to fight the nazis, but he has an even tougher mission this weekend at the box office beating "harry potter." >>> coming up, one save and a beauty. the nfl owners are ready for football, but are the players? you're watching "early today." >>> good morning, and welcome back to "early today." i'm lynn berry. here's some of your top headlines this morning. >>> senior defense officials tell nbc news today the pentagon will announce that both secretary of defense leon panetta and all of the joint chiefs have certified the military is ready to repeal don't ask, don't tell. president obama signed a repeal of the military's ban on openly gay troops. since then the military has been preparing for lifting the ban. >>> a new cnn poll shows 64% of americans think the u.s. should play a dominant role in space exploration. half of all ameri
Jul 21, 2011 6:00pm PDT
. >> it is to i am here in london. you are watching "newsday." leaders of the 17 countries which use the euro have agreed to the terms of a second bailout plan for greece. the greek rescue package will be worth more than $150 billion and there will be billions more from private investors such as banks. >> nearly 10 years ago, the euro had been lost to a fanfare of celebration. they are now facing the greatest test. the leaders came up with a historic package designed to draw a line under the greek debt crisis. the french president and the german chancellor pushed through a rescue plan which amounted to nearly 110 billion euros. the deal not only covers short- term funding but is intended to cover the debt burden. >> i have made it clear that today is not someone standing up and waving a magic wand but it is helping greece return to the path to understand the process. i am confident that we can succeed. >> the problem facing the summit was that the debts had shot up to 350 billion euros. the european leaders this is the that what they were doing for greece was a one-off. what is in the deal? intere
Jul 5, 2011 6:00pm PDT
the banks. it is where the governmement ner ceases to make its case. that is the euro that is really responsible for germany's economic excess. it is what grantees stability and that is why it is important to keep it stable. >> of denmark has tightened its border control causing anger here in germany and raising questions of the border free travel. 30 of them crossed the main highway linking denmark and germany. they say the move is to fight international cririme, t the prime minister is caving in. they are facing a new legal battle, the procutors might brought charges with a new york case. they filed a complaint they deny the allegations and to say that he will sue her for slander spearheaded that case appears to be following -- the falling apart due to the credibility of the accuser. there is a big trade dispute going on right now. the european union and mexico which took objection to the abuse of quotas, china must either appeal the ruling or comply by removing the restririctio. failure to do so will enable the u.s. to respond with trade sanctions. they are used in the electrical
Jul 14, 2011 5:30pm EDT
accumulated. italy owes 1.6 trillion euros, the most indebted country in europe, with more outstanding bonds than greece, ireland, and portugal together. investers are nervous about their economy and its stability. there were desperate appeals from ministers. [speaking italian] >> nobody writes a budget like this without wanting public good. this will devour the future of our children. >> these appeals work, with senators voting in failure of the austerity measures, to save 47 billion euros in the next few years. by expanding the hiring freeze in the public sector and cracking down on tax evasion. 40 billion euros will only be implemented in 2014. by then there will be a new government. >> the political system can't face this kind of crisis. >> on friday, the people of italy will see if parlaiment votes through the austerity measures. they are aware the italian economy could bring down the eurozone if they need a bailout. >> as italy tries to put its fiscal house in order, wrangling continues over raising the national debt limit. the country will default on august 2. things are heated on cap
Jul 2, 2011 2:00pm EDT
to the tune of 35 billion bureaus. -- 35 billion euros. france has made such an effort for investment. france has undeniable assets and a spirit of enterprise, modern infrastructures, basic research of world grain, excellent industries in air and space, health, agriculture, digital, nuclear energy which is the largest independent in europe, and thanks to agriculture, we have total food self- sufficiency. but these assets are sources of groat's only if we know how to multiply them to research and innovation. -- sources of growth. we must remain a source of production and work which is our real well. we think that too often, we forgot that. we forgot that reality. any well, before you can and redistributed, must be produced. friends in the past was not interested in redistributing. it is a considerable subject, but it seems to us that france for got too often how to produce wealth. if you do not produce well, you can not distributed or even redistributive. the only way you can take advantage of globalization and not be buffeted by it is innovation, research, investment. you can see what is happ
Jul 6, 2011 6:00pm PDT
. the rating agencies' comments are somewhat inappropriate. >> lisbon has received a 78 billion euro rescue package from the eu and imf. in return, they must cut their annual deficit from 9.1% of gdp to 3% by 2013. the european commission believes that the portuguese plan will be successful. >> with all due respect to that specific rating agency, our institutions know the situation a little bit better. our analysis is more refined and complete. there is no reason to be distracted if we stick to the considerations. growth will return. >> rating agencies to not reveal how they reach their conclusions. markets around the world listen carefully to what they say. >> onto wednesday's market action in european shares struggled as investors reacted to mixed messages on credit ratings and the validity of fresh downgrades. our correspondent gave us this summary of the trading in frankfurt. critics here on the floor say that rating agencies have been wrong too many times to have such power. >> on the other hand, the market's fear that there might be a default of portugal because this would be a new st
Jul 11, 2011 7:00pm PDT
in japan four months ago. now, following on from the euro zone debt concerns, we also saw another setback for the euro. the common currency there. currently trading around the 112 yen levels compared to 117 just last week. so you can see the yen strengthening there against the euro on those euro zone debt concerns. and that was also following last week when there was a little bit of a receding of concerns following greece's bailout package. so you see things have turned around a little bit. here in japan, also the bank of japan is going to wrap up its two-day meeting and it's expected to downgrade its assessments of the state of the economy for the fiscal year ending march 2012. the key pocus also may be any gdp forecasts in the wake of the march earthquake and tsunami. so a lot of stuff for investors to take in there. also let's not forget u.s. economic data later this week. retail sales, inflation data, and industrial production. so a lot on the plate for investors. but the nikkei down over 100 points. back to you. >> thanks for that update, ramin mellegard at the tokyo stock exchange.
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